Roundup: S.Korean shares fall on Samsung decline
0 Comment(s)
Print
E-mail Xinhua, November 26, 2012
South Korean shares fell for the first time in three sessions on Monday as shares in Samsung Electronics, which account for more than 20 percent of the total market capitalization, declined due to profit-taking selling by foreign investors.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 2. 82 points, or 0.15 percent, to close at 1,908.51. Trading volume stood at 273.78 million shares worth 3.18 trillion won (2.93 billion U.S. dollars).
The KOSPI started higher on Wall Street gains last weekend, but it ended in negative terrain after fluctuating in narrow range throughout the session.
Samsung shares led the market decline by closing at 1,404,000 won, down 2.3 percent from the previous session. The stock price turned into negative territory as foreign selling weighed down by the recent record-breaking rally on expectations for the positive earnings ahead of the year-end shopping season.
Offshore investors were net buyers in the overall stock market by purchasing a net 24.3 billion won worth of local shares. Institutional investors bought a net 71.9 billion won worth of stocks, but retail investors sold shares worth 94.5 billion won. Program-linked transactions posted net buying worth 137.9 billion won.
The KOSPI's decline, however, was limited thanks to positive news from overseas. The U.S. stock market ended higher last weekend on hopes for the Black Friday, which traditionally kicks off the Christmas shopping season.
News from Europe was also relieving. Greece said the International Monetary Fund had relaxed its debt-cutting target for the country, suggesting lenders were closer to a deal for a vital aid tranche to be paid. Business confidence in Germany, the largest European economy, rose unexpectedly in November after six straight months of decline.
Large-cap shares ended mixed. Top automaker Hyundai Motor edged up 0.23 percent to 217,000 won, and its affiliate Kia Motors rose 0.7 percent to 57,800 won. The nation's biggest auto parts maker Hyundai Mobis gained 0.94 percent to 269,500 won.
Top steelmaker POSCO advanced 1.44 percent to 318,000 won, and top life insurer Samsung Life Insurance added 0.43 percent to 92, 900 won. The world's largest shipbuilder Hyundai Heavy Industries climbed 1.28 percent to 198,000 won, and the nations' No.1 crude oil refiner SK Innovation gained 0.64 percent to 158,000 won.
Meanwhile, banking shares ended bearish. The nation's No.2 banking group KB Financial Group declined 1 percent to 34,500 won, and its smaller rival Shinhan Financial Group retreated 0.87 percent to 34,000 won. Flat screen maker LG Display lost 1.1 percent to 35,800 won, and consumer electronics giant LG Electronics inched down 0.13 percent to 76,200 won.
The local currency finished at 1,085.5 won against the greenback, up 0.6 won from Friday's close.
Bond prices ended higher. The yield on the liquid three-year treasury notes lost 0.02 percentage point to 2.82 percent, and the return on the benchmark five-year government bonds fell 0.01 percentage point to 2.90 percent. Endi
Go to Forum >>0 Comment(s)